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Gold rate today: Yellow metal trades lower; support seen at Rs 50,200 level

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Gold rate today: Yellow metal trades lower; support seen at Rs 50,200 level

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Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday tracking a muted trend in the international spot prices amid uncertainty over the US stimulus package, analysts said.

Gold rate today: Yellow metal trades lower; support seen at Rs 50,200 level
Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday tracking a muted trend in the international spot prices amid uncertainty over the US stimulus package, analysts said.
At 11:00 am, gold futures for December delivery fell 0.24 percent to Rs 50,564 per 10 grams as against the previous close of Rs 50,687 and opening price of Rs 50,600 on the MCX. Silver futures traded 0.20 percent lower at Rs 61,972 per kg. The prices opened at Rs 62,050 as compared to the previous close of Rs 62,095 per kg.
However, losses in the precious metals were restricted by safe-haven buying amid rising COVID-19 cases in major economies.
“Gold is trading in a range for a couple of weeks amid lack of fresh triggers. For today, the yellow metal may remain sideways to lower as investors await clarity over the US stimulus package and further developments over US elections,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal.
On MCX, support for gold is placed at Rs 50,200 while resistance is seen at Rs 50,700. Silver may find support at Rs 60,800 and resistance is placed at Rs 62,600 level,” Sajeja added.
International gold prices eased, trading in narrow a range, as caution set in ahead of the deadline to reach an agreement on a new US coronavirus stimulus package and the upcoming presidential election, Reuters reported.
Spot gold fell 0.2 percent to $1,901.16 per ounce. US gold futures were down 0.3 percent at $1,905.20.
“Gold price attempts to break $1898.00 level, which urges caution from the upcoming trading, as confirming the break will press on the price to resume the bearish trend and achieve negative targets that start at $1,882.00 and extend to $1,860.90,” said Ajay Kedia, director, Kedia Commodity Comtrade.
“We prefer staying neutral temporarily until the price confirms its situation, as stochastic shows positive signals that might protect the price from suffering more losses and if price gain again above $1,908.40 that will targets visiting $1,920.00 followed by $1,936.80 areas,” Kedia added.
Meanwhile, steady Indian rupee amid gains in domestic equity markets pressurized the yellow metal prices.
 
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